According to the International Monetary Fund (IMF), Sub-Saharan Africa's economy will grow at 5.75 percent this year, which, compared to the current global financial situation, is a positive sign for the continent's emerging economies.

Africa's Lusophone countries, once part of Portugal's overseas colonies, Angola, Cape Verde, Guinea-Bissau, Mozambique and Sao Tome and Principe, are experiencing even higher predictions in terms of their national economic growth rate.

Though these countries share a common "European" link, the small island of Macao, a former Portuguese colony and now returned to China, has actually given the Lusophone countries direct access to the new global giant – China, which is fast becoming the common denominator for the group.

Chinese Vice Minister of Commerce Jiang Zengwei announced in March 2012 that China's economic relations with Lusophone countries has been advancing steadily in recent years and bilateral trade reached $117.3 billion in 2010. He was speaking during a forum in Macao, where the Sino-Lusophone Countries Cooperation and Development Fund announced the setting up of a $1-billion fund for financing the economic and social development programs of Portuguese-speaking countries in Africa and Asia.

Just in Guinea-Bissau, the still slowly emerging and least developed Lusophone country, the China Development Bank (CDB) is in talks to finance, at a cost of $8.6 billion, the country's mining and industrial infrastructure. Chinese mining companies are looking at Guinea-Bissau's world-class reserves of iron ore and bauxite, and many of the proposed road, rail and electric power projects would be financed through countertrade for mineral exports. This is one small drop of the current economic ties between China and Portuguese-speaking African countries and gives one an insight into the future potential trade links.

The Lusophone countries share a common language (Portuguese) and also have similar legal systems (civil law) and political and electoral laws (proportional representation), grouped under the Community of Portuguese Language Countries. There are however important differences between the economic growths of each country.

Angola is today the Lusohphone country under the biggest international spotlight, since it hit the big time with its oil reserves, which has spelled economic growth at an unprecedented rate. Today Angola can boast of a booming economy - forecast to grow 12 percent this year - and a growing regional and international diplomatic profile and in the throes of an ambitious national reconstruction (roads, airports, bridges, hospitals and schools) mainly bankrolled by oil revenues and associated Chinese loans.

Dr. Aguinaldo Jaime, President Angola's National Private Investment Agency (ANIP), told the audience at the AFDB–EMRC SME Forum in 2011, "The growth rate in Angola had been amongst the highest in the world in recent years and that it had been one of the five leading countries in terms of attracting investment (the majority, or 75 percent, of which, are African). ANIP has two major roles to play: to diversify the economy and to generate employment."

The country is also banking on developing its agriculture as the world looks to Africa to ensure food security for the ever-growing global population. There are important business opportunities as international organizations and international global food companies are eyeing the advantages of collaborating on all fronts with a focus on inclusive value chains.

Mozambique has also seen a remarkable turnaround, with growth reaching 7.1 percent in 2011. According to reports, Mozambique is poised to become the world's biggest coal exporter within the next decade. In addition, two gas fields have been discovered, ensuring the energy sector big profits.

Cape Verde may not have the natural resources compared to its Lusophone counterparts, but it has political and economic stability. In recent years it has seen economic growth averaging 6 percent, the construction of three international airports and hundreds of kilometers of new roads have been built. Guinea-Bissau is still emerging from a darker era and although the country has important natural resources, the population remains poor and the state remains somewhat behind in terms of development. Sao Tome and Principe, one of Africa's smallest countries with a population of just 169,000, was once a leading cocoa producer. Today it is poised to profit from the commercial exploitation of large offshore reserves of oil.

Each country is experiencing growth and planning its future on newly found natural resources. In addition, China, the region's new common trading partner, has opened a vast array of economic possibilities. According to Macao's Secretary for Economy and Finance Francis Tam, the fund would help to build up a multi-lateral trade platform between China and the Portuguese-speaking countries by providing financial support to the development projects of mutual benefits to both sides; and Macao has an important role in bridging the two sides for deeper cooperation. 

The China-Lusophone link is being clearly established. The Lusophone countries share a common European language, however a common trading partner seems to be today's new global giant, China.

The writer is Communications Manager of EMRC – an internationally renowned organization providing a platform for Africa's private and public sector to come together and discuss partnership opportunities - www.emrc.be